Rethink’s $50M Refi for DC-Area MOB

Medical Pavilion at White Oak in Silver Spring, Md. Image courtesy of CommercialEdge

A joint venture led by Rethink Healthcare Real Estate has received $50.3 million in refinancing for Medical Pavilion at White Oak, a 169,000-square-foot medical office building in Silver Spring, Md. First Citizens Bank, through its Healthcare Finance division, provided the financing.

Located at 11886 Healing Way, the Class A medical office property is part of the Adventist White Oak Medical Center, a $400 million medical campus. The building offers direct hospital lobby access through the first floor, an outpatient pharmacy, two patients drop-off and pick-up areas, a coffee shop, a conference room, a mail room, medical supplies storage facilities and a parking garage with 1,025 parking spots.

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Adventist HealthCare occupies the seven-story property. Medical services include cardiovascular, radiology, oncology and rehabilitation services, as well as two linear accelerator vaults and staff development services.

Medical Pavilion at White Oak is situated close Interstate 95 and to multiple retail and dining options, such as Kohl’s or Target. The site is 13 miles from downtown Washington, D.C., 25 miles from Baltimore/Washington International Airport, 28 miles from Arlington, Va., and within 30 miles of Alexandria, Va.

Earlier this year, First Citizens Bank provided another $50.3 million in financing for a medical office portfolio. Montecito Medical secured the loan to recapitalize its 200,000-square-foot portfolio, composed of seven off-campus medical office properties located in Florida, Illinois and Pennsylvania.